The Canadian Imperial Bank of Commerce (CIBC) has announced that its Hemmingford branch will close permanently on October 15.
In a letter sent to bank clients, the CIBC gave no reason for the imminent closure. The letter stated all accounts will automatically be transferred to the Lacolle Banking Centre, located around 20 kilometres away, as of October 19. In the meantime, the Hemmingford branch will remain open to serve clients.
A statement issued by the CIBC head office in Toronto to The Gleaner explained that the decision to close the banking centre was not taken lightly and was made after carefully considering all options.
“Our Hemmingford Banking Centre has experienced lower business volumes for some time, and the majority of our client transactions take place outside of a banking centre, through mobile, online and telephone banking. As a result of this shift, we’ve made adjustments to our network,” wrote Stephanie Marcus, a public affairs consultant with CIBC.
“We remain committed to meeting the needs of our clients and keeping them informed of changes that may affect the way they bank with us is a priority,” Marcus added.
A second closure
The sudden closure of a local bank is unfortunately not a new experience for Hemmingford residents, after the Caisse des Seigneuries de la Frontière closed its Desjardins branch in the village just last May.
Hemmingford Village’s mayor, Drew Somerville, confirmed that he met with bank representatives last week along with Mayor Lucien Bouchard of Hemmingford Township to convey their disagreement with the decision. He stressed the importance of at least keeping an automated teller machine (ATM), noting clients were able to take out both Canadian and U.S. dollars from the local machine.
He explained that it was the small conveniences that would be missed, noting he broke a corner off a debit card recently and was able to go into the bank to have it replaced on the spot. “I’m sure that when the Caisse left, quite a few people transferred everything to the CIBC and felt secure. And you know, a year or so later, and that’s pulled out from under their feet,” he lamented, noting the closure will be a big hit to the community.
“It is right in our downtown and it’s been there forever, and now it’s going to be closed and who knows what will happen with the building,” Somerville said, while pointing out the now-empty Caisse Desjardins building is located across the street.
Somerville said that while the transition will be hard for many, he has a more personal connection to the bank. His great-grandfather was the first bank manager after the building was completed in 1912 as part of the Eastern Townships Bank. The institution was fused with the Canadian Bank of Commerce soon after opening. It then became part of the Canadian Imperial Bank of Commerce in 1961.
An information meeting will take place on April 14 with CIBC representatives where clients can ask questions and learn more about their banking options. Details including the time and location will soon be posted at the Hemmingford branch.